FALCON OIL & GAS LTD.
(“hawk”)
Submission of interim financial statements
August 29, 2024 – Falcon Oil & Gas Ltd. (TSXV: FO, AIM: FOG) announces that the Company has filed its interim financial statements for the three and six months ended June 30, 2024 and 2023 and the related Management’s Discussion and Analysis (“Management’s Discussion and Analysis”).MD&A”).
The following should be read in conjunction with the complete, unaudited, unaudited interim financial statements and related MD&A for the three and six months ended June 30, 2024, which are available on Canada’s System for Electronic Document Analysis and Retrieval (“SEDAR+”) at https://www.sedarplus.ca and on Falcon’s website at www.falconoilandgas.com.
2024 Financial Highlights and Other Financial Updates
- Debt free with cash of $11.5 million as of June 30, 2024 (December 31, 2023: $8 million).
- Continuous focus on cost management and efficient portfolio operations.
End.
For further information please contact:
| Falcon Oil & Gas Ltd. | +353 1 676 8702 | |
| Philip O’Quigley, CEO | +353 87 814 7042 | |
| Anne Flynn, CFO | +353 1 676 9162 | |
| Cavendish Capital Markets Limited (NOMAD and joint broker) | ||
| Neil McDonald / Adam Rae | +44 131 220 9771 | |
| Tennyson Securities (joint broker) | ||
| Peter Krens | +44 20 7186 9033 | |
Falcon Oil & Gas Ltd.
Preliminary condensed consolidated income statement
(Unverified)
| Three months until the 30th. June 2024 $’000 |
Three months until the 30th. June 2023 $’000 |
Six months to 30. June 2024 $’000 |
Six months until the 30th. June 2023 $’000 |
|
| revenue | ||||
| Revenue from oil and natural gas | – | – | – | – |
| – | – | – | – | |
| Cost | ||||
| Exploration and evaluation costs | (42) | (47) | (86) | (90) |
| General administrative costs | (550) | (578) | (1,078) | (1,175) |
| Foreign exchange (loss) / profit | (78) | (9) | 42 | 47 |
| (670) | (634) | (1,122) | (1,218) | |
| Result of operating activities | (670) | (634) | (1,122) | (1,218) |
| Financial income | 10 | 44 | 18 | 112 |
| Financial expenses | (89) | (151) | (451) | (295) |
| Financial result | (79) | (107) | (433) | (183) |
| Loss and total loss for the period | (749) | (741) | (1,555) | (1,401) |
| Losses and total losses due to: | ||||
| Shareholders of the company | (747) | (740) | (1,551) | (1,398) |
| Non-controlling interests | (2) | (1) | (4) | (3) |
| Loss and total loss for the period | (749) | (741) | (1,555) | (1,401) |
| Loss per share attributable to shareholders of the Company: | ||||
| Basic and dilute | (0.001 cents) | (0.001 cents) | (0.001 cents) | (0.001 cents) |
Falcon Oil & Gas Ltd.
Condensed consolidated interim balance sheet
(Unverified)
| As of 30 June 2024 $’000 |
As of 31 December 2023 $’000 |
||
| Assets | |||
| Fixed assets | |||
| Exploration and evaluation assets | 50,402 | 51,287 | |
| Tangible assets | 0 | 2 | |
| Trade accounts receivable and other receivables | 25 | 26 | |
| Limited cash availability | 2.101 | 2,176 | |
| 52,528 | 53,491 | ||
| Current assets | |||
| Cash and cash equivalents | 11,500 | 7,992 | |
| Trade accounts receivable and other receivables | 103 | 54 | |
| 11,603 | 8,046 | ||
| Total assets | 64,131 | 61,537 | |
| Equity and liabilities | |||
| Equity attributable to the owners of the parent | |||
| Share capital | 406,690 | 402.120 | |
| Contributed surplus | 47,441 | 47,379 | |
| Retained deficit | (408,748) | (407,197) | |
| 45,383 | 42,302 | ||
| Non-controlling interests | 693 | 697 | |
| Total equity | 46,076 | 42,999 | |
| liabilities | |||
| Long-term liabilities | |||
| Decommissioning provisions | 16,414 | 16,204 | |
| 16,414 | 16,204 | ||
| Short-term liabilities | |||
| Trade accounts payable and accrued costs | 1,641 | 2,334 | |
| 1,641 | 2,334 | ||
| Total liabilities | 18,055 | 18,538 | |
| Total equity and liabilities | 64,131 | 61,537 |
Falcon Oil & Gas Ltd.
Condensed consolidated interim cash flow statement
(Unverified)
| Six months until 30 June | |||
| 2024 $’000 |
2023 $’000 |
||
| Cash flow from operating activities | |||
| Net loss for the period | (1,555) | (1,401) | |
| Adjustments for: | |||
| Share-based compensation | 62 | 231 | |
| depreciation | 2 | 2 | |
| Financial result | 433 | 173 | |
| Impact of exchange rates on operating activities | (42) | (47) | |
| Change in non-cash working capital: | |||
| Increase in trade accounts receivable and other receivables | (48) | (31) | |
| Increase in trade accounts payable and accrued costs | 12 | 6 | |
| Net cash flow from operating activities | (1,136) | (1,067) | |
| Cash flow from investing activities | |||
| Interest received | 18 | 122 | |
| Proceeds from the sale of ORRI’s | 4,000 | 0 | |
| Exploration and evaluation assets | (3,755) | (37) | |
| Net cash flow from investing activities | 263 | 85 | |
|
Cash flow from financing activities |
|||
| Net proceeds from private placement | 4,570 | 0 | |
| Net cash flow from financing activities | 4,570 | 0 | |
| Change in cash and cash equivalents | 3,697 | (982) | |
| Effects of exchange rates on cash and cash equivalents | (189) | (145) | |
| Cash and cash equivalents at the beginning of the period | 7,992 | 16,785 | |
| Cash and cash equivalents at the end of the period | 11,500 | 15,658 | |
All dollar amounts in this document are in U.S. dollars “$” unless otherwise noted.
About Falcon Oil & Gas Ltd.
Falcon Oil & Gas Ltd is an international oil and gas company engaged in the exploration and development of unconventional oil and gas reserves. The current portfolio is focused on Australia, South Africa and Hungary. Falcon Oil & Gas Ltd is incorporated in British Columbia, Canada and has its headquarters in Dublin, Ireland. A technical team is based in Budapest, Hungary.
For more information about Falcon Oil & Gas Ltd., please visit www.falconoilandgas.com
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Certain information in this news release may constitute forward-looking information. This information is based on current expectations that are subject to significant risks and uncertainties that are difficult to predict. Actual results may differ materially from those implied by any forward-looking statements. Falcon undertakes no obligation to update any forward-looking statements or to update the reasons why actual results could differ from those implied by any forward-looking statements, except as required by securities laws applicable to Falcon. For further information regarding risks and uncertainties, please refer to Falcon’s filings with Canadian securities regulators, which are available at www.sedarplus.ca.
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063024.3 FINAL Press Release – Announcement of the Publication of Results on June 30, 2024.
